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Financial Psychology Quiz: Are You A Millionaire In The Making?

Are you a millionaire in the making?

Money may not be the most important thing in the world, but it can ensure you survive in one of the world’s most expensive cities, help you to enjoy the finer things in life and even bring that occasional ‘bout of happiness! The catch? As Dave Ramsey famously puts it, “You must gain control over your money or the lack of it will forever control you.” Understanding your behaviors around money can help you to better manage your funds, and we are here to help! Take our simple financial psychology quiz and discover your secret financial persona through deciphering common, daily situations!

The musical/concert that you have been anticipating is finally in Singapore! Which category would you buy?

A. Category A, VIP seats on opening night
B. The mid-range category
C. It doesn’t matter, as long as it’s free or sponsored!
D. Let me check which credit card has the best rebates deal first!

You find an unexpected S$50, what will you do with it?

A. Indulge in small treats! That’s 5 cups of free latte and a happy hour session!
B. Drop it into the piggy bank for a rainy day
C. Let’s take a change at Singapore Pools!
D. Spend it on a workshop that you have been eyeing

You are waiting for your friend outside of the MRT station when a financial advisor approach you. What would you do?

A. Half-listen and breathe a sigh of relief when your friend arrives
B. Tell the financial advisor that you are not interested and scurried away
C. Ask questions to fully understand the benefits offered
D. Listen politely and ask where you can find out more info on your own

You are looking at the movie listing for your Friday’s date. What catches your eye?

A. The movie doesn’t really matter, as long as it is at Gold Class
B. Free movie screening at the National Gallery looks good!
C. The latest blockbuster movie
D. Nothing looks as good as Netflix

You just received a windfall of S$1 million, what will you do with it?

A. OMG! Should I go on that luxurious Europe trip, get the Birkin bag or quit my job?
B. Save at least half of it, and share the remaining equally with my family
C. Invest as much as possible, and transform the S$1 million to many millions
D. Consult a professional financial adviser to make the best of this fund

It’s lunchtime and you realized you forgot to bring your wallet. What would you do?

A. Borrow money from your colleagues/friends and promptly forgot about it
B. You’d rather skip lunch
C. Ask for a treat and promise the next lunch’s on you
D. Found some spare change in the drawer!

What do you do with your monthly income?

A. Shopping, dining and enjoy life!
B. Save the bulk of it in the bank where it’s safest
C. Invest as much as possible to get the maximum returns
D. Manage it with a budget and look out for good investment opportunities

Which of the following best describes your spring cleaning attitude?

A. What spring cleaning? Simply throw up the old when you buy something new.
B. The tablecloth is old but it can still be used!
C. A renovation may be required!
D. What must be done, must be done

Scoring Your Financial Psychology Quiz Results


Mostly A’s: Happy Spender


Source: GIPHY

If you have answered mostly As, you’re likely to enjoy living life in the moment and would spend happily on goods and services without much considerations. Your loved ones and friends are likely to benefit as you get satisfaction spending money on gifts for others too. On the flip side, this means that you may be spending most of what you earn, or even racking up huge credit card bills! At the back of your mind, there’s a nagging voice going “you should save more”, but saving money is such a chore!

Mostly B’s: Classic Saver


Source: GIPHY

If you have answered mostly Bs, you are the classic saver, who may sometimes be accused of being a hoarder, but your strong will power to withstand temptations to spend will ensure you to maintain a stable lifestyle. You do not dislike routine, as the Happy Spender does, and are often deemed reliable in the eyes of your loved ones. While saving is a good virtue, you need to learn how to save smart instead of save hard! A little research and further reflection can go a long way to put your funds to better use.

Mostly C’s: Committed Financier


Source: GIPHY

Do you obsess over credit card points, or use comparison sites and download apps that track your budget or remind you when to remortgage? If you have answered mostly Cs, you are a Committed Financier who knows the value of maximising your money. You are likely to welcome changes and try new ideas, while keeping on top of money matters. Friends will hear the latest good deals from you, if only they think to ask.

Mostly D’s: Keen Investor


Source: GIPHY

If you have answered mostly Ds, you appeared to be a level-headed individual who plans ahead. You understand that money may not be the most important thing in the world, but it is a necessary tool in all stages of life, and more is better than less. Instead of going to the extremes like the Happy Spender or Committed Financier, you tend to be content with what you have. You’re likely to be observant and have an eye for details.

Answers Mostly As Mostly Bs Mostly Cs Mostly Ds
Financial persona Happy Spender Classic Saver Committed Financier Keen Investor
Savings determination || |||| ||| ||||
Investment appetite | || |||| |||
Risk appetite ||| | |||| |||

Canada Property – Realtor Mississauga

Canada Property

Purchasing a home, whether the very first time or third time, could be a test of nerves and talent. Therefore it always helps you to have information before you make that foray into this especially crazy real estate market. The great factor concerning the Toronto real estate market is it has continued to be relatively stable, but still offers lower home values minimizing rates of interest on loans. For more information on realtor mississauga, visit our website today!

Making House Payments

Many mortgages offer a choice of meeting under your control on the weekly or bi-weekly basis. This can be the desirable way for a few reasons. You will save money and may permit you to repay your mortgage completely, 4 years sooner. Second is it enables you to definitely budget better by looking into making payments in the same manner that the pay adopts your bank.

Make Extra Payments

By having to pay extra, you’ll save charges around the loan, departing more income in your wallet. Search for something known as a “privilege payment.” A privilege payment of 20% would, for example, permit you to pay $20,000 in a single year on the 100,000-dollar mortgage. Make certain the privilege payment is flexible. Quite simply it will help you to repay smaller sized amounts around the mortgage as frequently as you would like. You’ll be surprised about how rapidly you have to pay off an entire mortgage by having to pay an additional $1000 a period or more.

Cutting Lower on CMHC Charges

Should you get yourself a mortgage in excess of 75% of the purchase cost of your house, that mortgage should be insured through the Canada Mortgage and Housing or GE Mortgage Insurance. The premium billed decreases as the quantity of your lower pay increases. Should you finance at 95% then your premium cost yet another 2.75% around the mortgage. Putting lower 25% like a lower payment eliminates the charges altogether.

Bigger Lower Payment the greater

More to the point, the larger the lower payment the low the quantity of interest that you may have to pay for within the existence from the loan. However, only pay what you could afford. Don’t hurt yourself by forcing a bigger lower payment than you are able to really manage to give at that time. Doing that could pressure you into more debt ultimately if you are not careful.

Temporary or Lengthy Term, What’s best

Typically with loans, the shorter the word or guarantee from the rate, the low the speed is going to be. This isn’t always the situation, the rule isn’t created in stone. However, history has proven that generally, this guideline applies. Even though variable rates have the possibility to reduce interest and uptick can occasionally drive mortgagees to distraction and into debt. When thinking about a flexible rate loan it’s of vital importance to check out risk tolerance and funds flow prior to signing the contract. While in doubt, speak with a specialist to learn more. Want to know more about missauga realtor? Visit our website for more information.

SGX Hacks for Malaysian Investors

Hi, I’m Ian.

I’m a Malaysian who invest in stocks listed on the SGX where I’m receiving a steady flow of dividend income on a quarterly basis. Perhaps, you may ask:

‘Ian, are you a Singapore P.R.?’ Nope.

‘Ian, are you based in Singapore?’ Nope.

‘Ian, have you worked in Singapore before?’ Nope.

‘Ian, do you have a bank account in Singapore?’ Nope.

‘Ian, how do you invest in Singapore?’ I’ll answer it now.

In this article, I’ll share what I know and do so that you can start investing in SGX-listed stocks as a Malaysian investor based in Malaysia itself. Therefore, here are the 7 hacks that you need to know before investing in the SGX.

#1: An Overview of the SGX

As I write, the SGX offers a boutique of 700+ stocks to investors. The biggest 30 stocks are included as constituents of the Straits Times Index (STI). For a start, they include huge corporations which might have just ring a bell to you such as UOB, OCBC, SIA, Genting Singapore, and CapitaLand. Besides, SGX has a well-developed REIT market where investors can invest in a globalized portfolio of Billion-Dollar commercial real estate. Currently, the STI and the S-REIT markets are the main focuses for most investors who are investing in the SGX.

#2: CDS account vs. Trust account

Here, I’ll write from my perspective as a customer of Maybank Investment Bank (IB). I’m using Maybank IB for my investments in stocks listed on both Bursa Malaysia and the SGX.

Bursa

For Bursa-listed stocks, the buying process is straightforward. First, I deposit an amount into my stock account. Second, I place my order for the intended stock. Third, the money in my stock account would be debited and my stock with the amount of shares would be credited into my CDS account which is under my own name.

SGX

For SGX-listed stocks, the buying process is different. For my first purchase, I deposit an amount into a Global Trust Account. The amount deposited was a little more than the intended amount I wish to invest. Then, I place my order for the intended stock online. After the order, I would have to call my broker (Maybank IB’s staff) to inform him about my investment. From which, I wait for 1-2 working days for the contract note that states the exact amount of my investment in Ringgit. My money in the Global Trust Account would then be debited and my stock would be credited into my Trust (Custodian) Account where Maybank IB keeps my stock and collects dividends on behalf of me.

#3: Transaction Fees

For MayBank IB, the minimum brokerage fee is set to be S$ 30 a transaction. Inclusive of a few miscellaneous charges such as GST and stamp duty, every transaction, buy or sell, should cost a minimum of S$ 32. Here, I’ll calculate the ideal minimum amount of capital needed to make your venture into the SGX worthwhile. For instance, if you intend to limit the transaction costs at 1% of your capital, then, the minimum amount you need to invest is S$ 3,200 or RM 9,600 per investment.

The amount needed will obviously be lower if you choose to limit the cost at 2% of your capital. Ideally, it is best to keep it low and thus, I reckon that you should not invest if the transaction cost is above 2% of your capital.

#4: Invest or Trade

I think it’s expensive to trade SGX-listed stocks as every transaction, buy and sell, costs a minimum of S$ 32 as compared to RM 12 for Bursa-listed stocks if you use Maybank IB. Hence, it is more ideal for investors as stocks listed in the SGX, to me, are to be kept over the long-term. If you are a new investor, I reckon you to aim for dividend income so that you can quickly earn back the transaction costs after 3 – 6 months of holding onto your SGX-listed stock.

#5: How to Open my Stock Account?

If you choose Maybank IB (This is not a Sponsored Post), you can apply for both CDS account and Global Trade Account simultaneously. You just need to bring your NRIC, salary slip, and bank statements and walk-in directly to the nearest Maybank IB branch. I’ll provide the links below:

What to Bring:

Maybank IB Trading Account Application Details

Where to Go:

Where’s the Near Maybank IB branch from You?

#6: But, I want to Invest in the US Stock Market

The facilities provided by Maybank IB is not limited to the SGX. In fact, you can choose to invest in other markets such as NYSE, NASDAQ, and HKEx if you prefer to do so.

#7: Learn to Invest in the SGX

There are many tools and resources available to speed up your learning curve and to familiarize yourself with the Singapore market. Here, I’ll conclude my sharing by listing down some websites and blogs that I personally follow and read on a regular basis:

No.1 – The Fifth Person

The Fifth Person is Singapore’s leading site that focuses on value investing. It is founded by Rusmin Ang, Victor Ch’ng, Adam Wong and Kenji. It contains a lot of quality and very detailed reads on stocks listed in both Singapore and Malaysia (although I’m among the main contributors of Malaysian stocks).

No.2 – Value Invest Asia

Value Invest Asia is spearheaded by Stanley Lim, a CFA, a Johorian who has extensive working experiences in Singapore. It is also a site focusing on value investing and is building up fast-read materials, webinars and even a physical book ‘Value Investing in Asia’ for stock investors who intend to invest across Asia. (I’m also a regular contributor of the Malaysian articles of this site).

No.3 – Dr. Wealth

Formerly known as the BigFatPurse, Dr. Wealth started off as an investment blog and has evolved into a comprehensive financial education firm that has contents and courses on stock investing, REIT investing, angel investing, and even cryptocurrencies.

Ian Tai

Ian Tai is the founder of Bursaking.com.my, a platform that empowers retail investors to build wealth through ownership of fundamentally solid stocks. It is an essential tool that sifts out stocks that grow profits consistently from a database of over 900+ stocks listed mainly in Malaysia.

Best cryptocurrency ICO investment for 2018 Washington Exchange

Washington Exchange (WASH) a decentralize trading platform, which knows the problem in crypto it’s unstable and underdeveloped 2018 has been very exciting with these massive price gains but there is a tons of technical development that needs to be completed before crypto become mainstream. One of our goals at Washington Exchange is to make the general population more informed about cryptocurrencies and their advantages and safety. Best cryptocurrency ICO investment for 2018 Washington Exchange.

There are various decentralized exchanges in the market that are being used, Washington Exchange Decentralization offers multiple benefits, making it the best ICO of 2018:

-Identity theft. In the centralized trading platform, we give out our identity, credit card information, bank information and more to everyone we do business with. Through the power of cryptography this is no longer necessary.

-Banking Cartels. Large organizations have no need to keep things private. The power of this technology allows everything to be out in the open without compromising any aspect of security. In the traditional centralized systems, security is used as an argument to keep all of their information and your information locked away

-Unbanked. There is no reason any longer to keep the poor and unbanked from participating in the global economy. Capitalist-minded financial services no longer play an overpowering part in their exclusion and freedoms.

Open and transparent. All transactions occurring on the network and all code used within the network are open source. This allows anybody to inspect, copy and improve upon it.

-Incorruptibly secure. The traditional financial systems are centralized, this can be infiltrated by hackers or robbers attempting to tamper with your funds. It also has the potential to become corrupted or coerced. With a decentralized system everyone keeps full control of their funds.

-24/7 System. A decentralized exchange is a global service without any borders, available to any member of the free internet. Servers operate on every corner of the globe at all times of the day. This also allows for minimal transactions costs.

Washington Coins (WASH) are very low in supply, and this will never change. They are 1000 times as scarce in comparison to other exchanges. As demand inevitably rises through the trading of our coins, the number of coins will remain the same and never be increased, there are 9,000,000 available, as oppose to the billions available in other forms. Washington Exchange is a unique exchange with no single institution, person or server, and as such it has no single point of failure. With our decentralized exchange there is no need to trust any single authority. We fully understand that exchange is a venture with its own risks. With this in mind we have fully invested in expertise and advisors who will continuously help in assessing the possible risks, as well as creating ways to address them. In our current climate of digitalization, online security is of our key concern. Best cryptocurrency ICO investment for 2018 Washington Exchange. Our systems at WASH are highly secured and always guaranteed no possibilities of hacking. Washington Exchange and Coins are undoubtedly the number one profitable alternative exchange and coin available on the market. Best cryptocurrency ICO investment for 2018 Washington Exchange.

Coin Details
Name: Washington Exchange
Symbol: WASH
Token Contract Address: 0x5b8c5c4835b2b5daef18079389fdaefe9f7a6063
Pre-sale starts in: April 20th and End in April 25th
Normal Sale Start: April 25th and End in May 25th

Official Link
Official Website – http://washingtonexchange.io
Official Telegram – https://t.me/washingtonexchangeofficial
Official Twitter – https://twitter.com/washingtonexoff
Official Facebook – https://www.facebook.com/washingtonexchangedex
Official Bitcointalk – https://bitcointalk.org/index.php?topic=3196451.0

Tyler Perry – How I became a Millionaire Success Story

The website above is no longer around, but the tips are nuggets of gold. Success doesn’t come on a platter of Gold, it takes a conscious effort to succeed. You have to wake up early and work at it, while others are snoring away. Check out Tyler Perry’s success story from the infographic above. One of the tips is to start a business and duplicate it worldwide. For instance, good examples are Subway and McDonald’s franchises that are doing extremely well around the world. Diners patronise these outlets and food branches while enjoying the ambience and surroundings.

Also, stop wasting time on TV, Games, entertainment, Karoake, etc. Poor people have large TV, while rich people have large library. So, what you do with your time, makes a lot of difference to your bank account.

Save 40% of what you make and invest it for higher returns compared to low Fixed Deposits at the highest rate of 4.38 currently. You can make more returns by investing in shares if you have the basic knowledge and check the online counter frequently. To invest in shares, you also need to have holding power and not be too emotional.

Also, stop buying things that have no value like cars, jewelry, clothes, etc. But you certainly need food to survive where I digress from the tip above. Eat organic, vegetables and fruits more often. Education is important. So be a voracious reader!

10 Habits of Self-Made Millionaires

10 Habits of Self-Made Millionaires

From Visually.

The above infographic is certainly pertinent to our current society, regardless of where you stay or which country you are from. Here, I shall summarise the 10 Habits of Self-Made Millionaires below:

1) Thinking in Abundance – 2.3 trillion dollars are circulating around the globe everyday; are you one of the number of active participation?

2) Surround Yourself with Like Minded Individuals – you are the sum of 5 people you spend the most time with.

3) Shift Focus from Spending Money to Making Money – instead of becoming a consumer, become a producer.

4) No TV!

5) Have Multiple Streams of Income – eg. rental income, fixed deposits, dividends, shares, online income, etc

6) Be Generous – Blessed are the generous for they will obtain wealth.

7) Have an Exit Strategy – Ultimately all multimillionaires and even billionaires get their biggest breaks when they sell their business.

8) Get into Properties – Properties will hedge against inflation and earn you rental income like Airbnb, HomeAway, VRBO, etc

9) Leaders are Readers – read widely and be voracious readers to gain insights into the minds of successful people.

10) Always be Hustling – no point dreaming without taking action.

So, there they are. The 10 Habits of Self-Made Millionaires. Read the infographic for more details by double clicking on it. Hope you enjoy reading this as much as I do.

Now in Quayside

I am now in Quayside condo to do my laundry of washing my bedsheet, pillow and bolster cases. There is also a machine dryer to dry up the washed items. I packed dinner along which was part of lunch in half portions. Brought along my book and magazine to read while waiting for the laundry to finish. Also am pleased that I got paid USD 70 via my paypal for 7 articles written for a Singapore website of around 1,000 words plus with free pictures included. It is about things to do in Switzerland and is a curated website where you have to do some research for approval. There are dozens of writers on this content rich site, hence I am lucky to be accepted for all my articles written so far.

Tomorrow is pay day as today is a public holiday and all banks are closed. I took the opportunity to change the bedsheets as my partner has hinted it some days back. Also signed up for some surveys to do in my free time. There is no way to get rich using the quick scheme which cons many people of their hard earned money. Beware of money games, binary systems that predicts whether the stocks will go up or down and promises of software that is automated and correct 70% of the time to help you make money! In fact, it is just the opposite; it helps the owner to make money while you lose money. In stocks, someone will make cash at the expense of another who will lose it instead.

Nothing beats the old traditional way of studying hard and working hard to save up bit by bit to become rich. How do I know this? Well I read the newspapers and 2 articles were written by different experts with sound advice. They are more practical and teach you the delayed gratification method of getting there while eschewing speculation and gambling. In a nutshell, there is no short cut to success. And don’t get hoodwinked into network marketing or MLM of alkaline water, aromatherapy of Lampe Berger and such. Don’t let greed get the better of you, but use common sense to protect your money from tricksters, conmen, etc.

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